In addition to reporting foreign income, the requirement to report foreign bank accounts, assets, businesses, and trusts has increased over recent years, making international tax compliance more important and detrimental if not properly reported on tax returns or informational returns.
While many reporting requirements may not impact an individual’s or business’s income tax return, the failure to properly report foreign assets or income comes with steep penalties.
The US tax system places special emphasis on taxpayer activities outside of the US.
The US tax code has certain filing and taxation rules for US taxpayers pursuing taxable activities outside the US (outbound) and on individuals or companies who are not US persons and are pursuing taxable activities inside the US (inbound).
The rules around taxation and compliance for these taxpayers are quite challenging.
An international tax attorney at The McGuire Law Firm can assist you with your international tax reporting requirements and related issues.
FBAR compliance and consulting. Both current and delinquent.
International forms preparation and review (see list below). Both current and delinquent.
Streamline Compliance Procedures
Delinquent International Information Return Submission Procedures (DIIRSP)
Consulting on tax-efficient international structuring.
We consult on inbound (non-US persons with activity in the US) and outbound matters (US persons
with activities outside the US). Consultation services include tax-efficient structuring of investments inside and outside the US and related US tax compliance.
The US tax international informational filing obligations are not easy. Always consider the assistance of a
qualified professional when making these determinations.